In a stunning turn-around for the health of the banking sector, one of the first major banks to get the TARP rescue funds offered by the US government, Wells Fargo, has reported today that it expects to post a record profit of $3 billion in the first quarter.

“The announcement not only sent Wells Fargo stock 32% higher, but boosted shares of many other big banks as investors bet that Wells’ peers may also post results that exceed Wall Street’s estimates.”